https://www.taxtmi.com/caselaws?id=294579 The Tribunal allowed the appeal, directing the deletion of the addition of notional Annual Letting Value (ALV) of an unsold flat held as stock-in-trade under 'Income from House Property.' It held that unsold properties held as stock-in-trade should be assessed under 'Income from Business' upon sale, not as 'Income from House Property,' emphasizing that the flat's notional ALV should not be added as it was not let-out and eventually sold. The Tribunal distinguished the case cited by the CIT(A) and highlighted the non-taxability of unsold properties held as stock-in-trade, ultimately ruling in favor of the appellant. en-us Thu, 31 Jan 2019 00:00:00 +0530 Wed, 30 Mar 2022 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294579 The Tribunal allowed the appeal, directing the deletion of the addition of notional Annual Letting Value (ALV) of an unsold flat held as stock-in-trade under 'Income from House Property.' It held that unsold properties held as stock-in-trade should be assessed under 'Income from Business' upon sale, not as 'Income from House Property,' emphasizing that the flat's notional ALV should not be added as it was not let-out and eventually sold. The Tribunal distinguished the case cited by the CIT(A) and highlighted the non-taxability of unsold properties held as stock-in-trade, ultimately ruling in favor of the appellant. Case-Laws Income Tax Thu, 31 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294579